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Robinhood’s Crypto Revenue Declined 24% to $39M in Q4
The online trading broker overall missed both earnings and revenues estimates for the quarter.
Online trading brokerage Robinhood Markets (HOOD) reported $39 million in crypto trading revenue in the fourth quarter, down 24% from $51 million in the third quarter.
The company also said its board had authorized the company to pursue purchasing all or most of the 55 million shares that a holding company for former FTX execs Sam Bankman-Fried and Gary Wang bought in May 2022, and canceled nearly $500 million of its share-based compensation.
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The company noted that its Robinhood crypto wallet was rolled out to more than one million waitlisted users in 2022 after a beta version of its Polygon-based Web3 wallet was released in September.
Overall for the fourth quarter, Robinhood posted an adjusted loss of 19 cents a share, ahead of the consensus analyst estimate of a loss of 15 cents a share, according to FactSet, on revenue of $380 million, below the analyst estimate of $396 million.
Shares of Robinhood were up about 3% to $10.80 in after-hours trading on Wednesday. Shares are up about 30% year to date but down 21% over the last year.
Robinhood is scheduled to hold a call with analysts at 5 p.m. ET.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
